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As countries face pressing environmental and social challenges, can debt be leveraged as a tool to finance sustainable growth? In Episode 10 of DebtTalks, Paola Subacchi and Thierry Watrin explore this crucial question, delving into the complex relationship between debt and sustainable development. The discussion covers how sovereign debt strategies, responsible lending, and innovative financial mechanisms can help address climate change, poverty, and inequality.
Hosts & Guests:
Paola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po.
Thierry Watrin, a former advisor to Rwanda’s Minister of Finance, currently leads the Sustainable Debt Coalition, a UN initiative. He teaches a course on climate diplomacy at Sciences Po.
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It’s Davos season, and the 47 President of the United States has just been inaugurated. The road ahead is uncertain, with only informed speculation to guide expectations. Against this backdrop, in this episode of DebtTalks – recorded on January 29, 2025 –Paola Subacchi and Isabelle Mateos y Lago examine the relationship between monetary policy and sovereign debt. They discuss how central banks influence government borrowing costs and debt sustainability, particularly as policymakers navigate inflation and economic uncertainty. Changes in interest rates can either ease fiscal pressures or create new challenges for heavily indebted economies. The conversation delves into the current policy landscape, the impact of tightening or loosening monetary conditions, and the potential consequences for bond markets and public finances.
Hosts & Guests:
- Paola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po.
- Isabelle Mateos y Lago is Group Chief Economist at BNP Paribas.Hosted by Ausha. See ausha.co/privacy-policy for more information.
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According to the International Monetary Fund, global debt increased from 229% of GDP in 2019 to 237% at the end of 2023 due to the pandemic, energy and food price spikes, and interest rates hikes by central banks in advanced countries. In Africa, the debt burden has become particularly severe. Half of African nations are now spending more on interest payments alone than on their public health budgets. This situation is unsustainable and disproportionally affects poorer countries.
In this episode of DebtTalks, Paola Subacchi and Jean-Pierre Landau discuss the constraints imposed by rising debt levels and the policy trade-offs among pressing needs such as poverty relief and climate action.
Hosts & Guests:
- Paola Subacchi is Professor of Political Economy, University of Bologna, and the Incoming Chair in Sovereign Debt and Finance at Sciences Po. Previously she was at Queen Mary University of London, where she contributed to set up the Queen Mary Global Policy Institute, and at Chatham House (The Royal Institute of International Affairs) where she led the international economics research department.
- Jean-Pierre Landau, professor at Sciences Po, is former Deputy Governor of Banque de France.Hosted by Ausha. See ausha.co/privacy-policy for more information.
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Welcome to DebtTalks, the podcast of SciencesPo Chair in Sovereign Debt and Finance, hosted by Paola Subacchi. In this episode Paola is joined by Sean Hagan to discuss the role of the International Monetary Fund (IMF) as the lender of last resort and as a “trigger” for debt restructuring.
Guest :
Sean Hagan, professor at Sciences Po and Georgetown Law, is former general counsel for the International Monetary Fund, non resident fellow at the Peterson Institute for International Economics, and advisor to Rothschild & Co.Hosted by Ausha. See ausha.co/privacy-policy for more information.
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How does the debt market fare over a very long period? Paola Subacchi is joined by Josefin Meyer to look at sovereign bonds over 200 years that stretch after the battle of Waterloo (1815) and 2016. Research shows that over this period real returns averaged more than 6 per cent annually – after taking into account wars, financial crises and default episodes.
Guest: Josefin Meyer is Head of International Macroeconomics Research Group of the Macroeconomics Department at Deutsches Institut Für Wirtschaftsforschung (DIW Berlin) and Research Fellow at Kiel Institute for The World Economy.Hosted by Ausha. See ausha.co/privacy-policy for more information.
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China has become the world’s largest bilateral creditor to low- and middle-income countries. Paola Subacchi, Deborah Brautigam and Yufan Huang explore the changing dynamics of China’s lending and the implications for the international financial architecture.
Guests: Deborah Brautigam is Director of the SAIS China Africa Research Initiative (CARI) and Bernard L. Schwartz Professor of International Political Economy EmeritaJohns Hopkins School of Advanced International Studies (SAIS).
Yufan Huang is a Pre-Doctoral Fellow with the China-Africa Research Initiative, and a PhD candidate at Cornell University.Hosted by Ausha. See ausha.co/privacy-policy for more information.
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In the latest episode of DebtTalks, Paola Subacchi and Jérôme Sgard dive into the debt crisis of the 1980s that hit many developing countries between 1982 and 1989. The 1989 Brady initiative put an end to the crisis and put the International Monetary Fund at the helm of the debt restructuring architecture.
Guest: Jérôme Sgard is Professor of Political Economy at Sciences Po. He is the author of The Debt Crisis of the 1980s: Law and Political Economy (2023).
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Good coordination of creditors and debtors is at the core of effective debt treatments. The Paris Club, that brings together official creditors, provides coordinated financing for countries that experience debt distress such as debt relief by postponement, reduction in debt service obligations, concessional rescheduling. Listen as Paola Subacchi, William Roos and Philippe Guyonnet-Dupérat discuss challenges posed by a more heterogenous creditor group and institutional innovations like the Common Framework for Debt Treatments.
Guests: William Roos is Assistant Secretary for Multilateral, Development and Trade Affairs at the French Treasury. He is co-chair of the Paris Club and co-chaired in that capacity all common framework official creditor committees.
Philippe Guyonnet-Dupérat is Secretary general of the Paris Club and head of international debt at the French Treasury.
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In 2001 Argentina defaulted on $100 billion in bonds. The subsequent debt restructuring and a decade of litigation with holdout creditors show the complex interplay between financial markets, governments, the IMF, the press, and the courts. Join Paola Subacchi and Gregory Makoff as they discuss the economic, legal, political, and institutional questions that arise when a country defaults on its debt.
Guest: Gregory Makoff is a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy Schooland an expert on sovereign debt. He is the author of Default: The Landmark Court Battle over Argentina's $100 Billion Debt Restructuring (2024).Hosted by Ausha. See ausha.co/privacy-policy for more information.
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Welcome to DebtTalks, the podcast of SciencesPo Chair in Sovereign Debt and Finance, hosted by Paola Subacchi. Join Paola and Yannis Manuelides for the first episode of this series. In 2010 Greece’s debt was downgraded and this marked the beginning of a long debt crisis that brought Greece near collapse and undermined the financial stability of the Euro Area.
Guest: Yannis Manuelides is a London-based finance lawyer and consultant. He was a partner at Allen& Overy’s London office for over 23 years where he headed the firm’s sovereign debt practice. Yannis led the legal team which acted for the Steering Committee of Private Creditors of Greece on Greece's EUR206bn debt restructuring (PSI).🔗 Chair in Sovereign Debt and finance website Link
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